Perhaps you’ve been working as a physician, dentist or veterinarian in California for a while now and believe the time has come to branch out into your own practice. Your top priority right now is securing a location. Purchasing commercial real estate can be complex, and you’ll want to be sure you know what you’re doing to avoid obstacles and legal problems.
You must have a clear vision and goals before signing a commercial real estate contract. For instance, have you decided whether your practice will stand alone or whether you’ll have an office in a building that houses other businesses or rental apartments? Getting the best return on your investment (ROI) is only possible if you have a clear idea of your needs and have explored all available options to help you achieve your goals.
Benefits to owning commercial real estate
In addition to the benefits of opening a private practice, there are several perks to owning the property on which your practice is located. The following list provides a basic overview:
- As the value of your property increases, your equity increases, which will help provide financial stability in retirement.
- You may be able to deduct mortgage interest from your taxes.
- You can sell your practice (when you’re ready to retire, perhaps) but still own the property.
- You have control (in accordance with zoning laws) over how to use the property.
Just as there are many benefits to buying commercial real estate for your private practice, there are also several pitfalls you’ll want to avoid.
Seeking guidance and support is the key to success
If you do not have a background in California commercial real estate law, it’s advisable to speak with someone who does before closing on a contract. Various issues, such as pricing, interest rates, building codes, legal terminology and more can not only impede your ability to achieve your goals but can create serious legal problems if you move ahead with a contract you didn’t clearly understand before signing it.
There are numerous options available for purchasing commercial real estate to open a private practice in the medical industry or some other type of business. The more knowledge and understanding you have, the better able you’ll be to make informed decisions and secure a property that brings you the best ROI, as well as a profitable private practice. Relying on the support of someone experienced in commercial real estate property laws will help you lay the groundwork for success.